Deadline ends, after two extensions and only 70% file detailed return for July
Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax
The next meeting of the GST Council will be held on September 28-29 in Goa.
Though GST could mean complications in the short run, it will bring in undeclared revenues and streamline taxation across the value chain, the benefits should be worth the pain.
From filing 37 returns a year when the Goods and Sales Tax was first introduced in July last year, the process has undergone major changes as the GST Council considered and implemented various models to ease the pain for assessees. Here's a recap of how the process has changed in 10 months.
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
The monsoon session of Parliament got off to a stormy start on Monday leading to adjournment of the two Houses without transacting much business following an opposition uproar over issues ranging from price rise to the Agnipath scheme.
Try to assess whether the broker has good knowledge of the prices prevailing in the area you are interested in, and is able to provide the pros and cons of various projects.
The time the companies have to get ready for GST is 6 to 12 months.
Industry had sought this 3-month extension, specifically for players struggling to collate the information that are required to be disclosed in the GST forms.
Officers have been particularly urged to ensure that during field enforcement drive and visits, no taxpayer is overreached or troubled.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
Fridge, washing machine, and paint makers are expected to cut prices shortly, while TV, aircon, and sanitary napkin makers are a disappointed lot
The government has sacked these officers ranging from the ranks of principal commissioner to assistant commissioner, some of whom were already under suspension.
Though the intent has been hailed as good for the economy, teething problems remain with a five-rate structure for various goods and services
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
A final call will be taken by Congress president Sonia Gandhi on Thursday.
GST impact: Higher lease payouts may hit airlines, cab aggregators.
GST will lead to consolidation of multiple indirect taxes
Many consumer good companies say they will pass on the benefits to consumers, which will bring down prices.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
Beside flying squads from RTOs at different points on highways, challans are imposed without any reason. The situation is especially difficult in states like Uttar Pradesh, Rajasthan, Madhya Pradesh, Maharashtra, Gujarat, and Andhra Pradesh.
The business would also not be allowed to claim any un-availed input tax credit for "goods lost" or "destroyed".
The forthcoming Budget, the last full one before the 2019 Lok Sabha elections, is expected to contain a number of sops and feel-good announcements, especially regarding social sector schemes.
Sushil Kumar Modi, who ceased to be Bihar Finance Minister following the JD (U)-BJP split, on Monday resigned as Chairman of the Empowered Committee of State Finance Ministers looking into the implementation of the proposed new indirect tax regime - Goods and Services Tax (GST).
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
FMCG, durables, pharma firms say they remain unclear about transition gains and losses
Most industry players in Tirupur feel that though the idea of GST is good, the problems are largely due to its poor implementation. Refund delays, withdrawal of incentive schemes make Made-in-Tirupur products costlier by 10-15 per cent, say entrepreneurs.
The GST Council, that includes representatives of all states, will meet again on November 3-4 to decide on the tax rates
Response to Rahul yatras in Gujarat forced GST cuts, says Congress. It reflects Modi's willingness to listen, says BJP.
The GST Council had given the option to real estate companies to either opt for old rates of 12% (for residential) and 8 per cent (affordable housing) with ITC benefits or the new tax rates of 5% for residential units and 1% for affordable housing without the benefit of adjusting the credit on inputs used during construction.
Roland Folger, managing director and chief executive officer at Mercedes Benz India calls the calendar year (CY) 2016 a year of 'lost opportunities' as NCR diesel ban and demonetisation led to a flat performance.
Options include raising both excise and service tax rates in FY16
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
From anti-profiteering to affixing stickers on existing stocks, FMCG companies are bracing for new set of GST challenges
The CBEC will itself be rechristened as the Central Board of Indirect Taxes and Customs and will supervise GST and Customs activities and provide the government policy inputs.
Officers from various departments including the finance ministry to be part of rehearsal event
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